Although Halloween is a night for goblins and ghosts, it is a good example of how the Canada-EU Comprehensive Trade Agreement (CETA) could offer a few more treats for revellers in the future.
Usually when we speak about the benefits of freer trade we focus on how it will benefit business, and in the retail context, exporters or sellers. But we shouldn’t forget the benefits for the other side of the equation, buyers. It means more choice for consumers who can now decide between foreign or domestic products.
For example:
- the British make some pretty good candy, and nothing cheers up a ghostly figure at your door than a bounty of sweets. CETA means consumers on both sides of the Atlantic will have duty-free access to chocolates and other non-sugary treats year-round. Just watch out for those pesky “Rules of Origin” ghouls!
- as you’re out walking your little pirate or princess around the neighbourhood take a look at the pavement below. When your town or city puts out a tender for companies to bid, there may have been an international company involved in the supply chain. More competition can mean better value for taxpayer money;
- if it’s a dark and stormy All Hallows’ Eve, you may instead decide to take your car and drive house to house as your kids collect their treats. In a few years time it’s more likely consumers could be driving a car made on the other side of the Atlantic as tariffs are reduced and closer work on regulatory standards occurs
- finally, you may prefer a cozy couch, a scary movie, and a little nightcap (hopefully Scotch whisky or a pumpkin English ale!) on Halloween. Well thanks to CETA you will soon have more selection at your local liquor store.
These are just a few of the reasons why the UK is a huge supporter of the CETA. Plus, preliminary economic modelling suggests it will deliver a C$12 billion boost to the Canadian economy and a £1.3 billion boost to the UK economy.
That is certainly nothing to howl at this Halloween. In the mean time, TRICK OR TREAT!